TORONTO, Jan 23 (Reuters) - Canadian home prices fell in
December from November and year-over-year price gains were the
lowest in three years as Canada's housing market continued to
cool, the Teranet-National Bank Composite House Price Index
showed on Wednesday.

The index, which measures price changes for repeat sales of
single-family homes, showed overall prices fell 0.4 percent in
December from a month earlier, the fourth straight monthly
decline, a first outside of a recession, and the fourth December
monthly decline in 13 years of data.

The index was up 3.1 percent from a year earlier, the 13th
consecutive month of deceleration in 12-month inflation and the
lowest rate in three years.

The report adds to recent evidence that Canadian housing
market activity has been slowing steadily since the middle of
2012. Economists are now debating whether the market will crash
or manage a soft landing.

Canada's housing market avoided a meltdown in the wake of
the financial crisis in 2009, helped by the country's
conservative lending standards. Ultra-low interest rates then
helped fuel a post-crisis boom.
Continued...